Dick Wellner, Jim Guretzky, Rod Calvao, Bill Myers, AvaMilosevich…these names are proof that oft-cited predictions that upto half of credit union CEOs could be retiring in the next fiveyears weren't doom and gloom, they were on target. Each of the CEOsmentioned above is a credit union veteran who has recentlyannounced retirement plans, some giving up to a year's notice.

Need more proof? Approximately 30% of respondents to CUES 2006compensation survey have been in their CEO positions for more than15 years, and 15% more than 20 years! More and more big name CEOswill be leaving the industry in the coming weeks, months and years,that's for certain. What's not certain is if there are enoughcandidates ready and willing–or so viewed in board members' eyes–toreplace them. More so, what does the credit union CEO of the futurelook like?

Teresa Freeborn was just named CEO of Xerox FCU. Freeborn has astrong marketing background, a rarity for new CEOs. I happen toknow a handful of very well-known credit union marketingprofessionals who aspire for CEO jobs, but are often passedover.

But shouldn't smart marketing minds be given a chance at thecorner office? I think so. Credit unions need people who can thinkbig picture, who can evaluate the marketplace, who can put intoperspective members' usage and potential usage of products, whounderstand that how the credit union interacts with its members canbe as important as the products and services it offers. Marketers,good ones, bring these things to the table. Marketers are alsoresearch oriented. They know how to interpret demographic and otherdata sets. They know what it costs to acquire new members or getmembers to sign up for a particular product being pushed. They alsoknow branding, which I believe is going to be key for credit unionsto survive in the future.

That's where I stand on marketers, but let me play my owndevil's advocate. Other than the obvious marketing/brandingchallenges CUs face, there are tremendous financial pressures–netinterest margin, building non-interest revenue streams, controllingexpenses, dealing with a flat yield curve, handling risinginsurance costs, etc. These problems take someone with a keenfinancial mind who can tackle these financial issues head on. Thisis where chief financial officers and investment execs standout.

Also, credit unions are continuing to break into member businesslending and business deposit services. In this case, former bankerswho have experience in “commercial” banking rise to the top andshould be considered.

So, if it comes down to marketing mavens, financial wizards andbusiness services gurus, which one is right for your CU?

Obviously it depends on each individual credit union's needs. InXerox FCU's case, a strong marketer may be just what the doctorordered. Xerox likely has a name change in its future as it hasexpanded its field of membership and diversified away from being aXerox-focused credit union. Choosing a new CEO who has led a namechange effort/branding campaign, as Freeborn did at Kinecta, was awise move. This board knows its credit union. That may soundsimple, but some boards don't know where their credit union fitsinto the marketplace and where it needs to go.

A marketing maven might also make sense for CUs that hold largecommunity charters but have been unable to drive member growth.

Financial wizards can of course help turn around credit unionswith troubled books brought on by maybe a bad indirect lendingrelationship, lack of foresight with the investment portfolio thathas left the CU unable to capitalize on lending potential, a CUwith too much capital or vice versa, and on and on.

Business services leaders could be the right fit for a boardthat sees business services as a big part of the future of thecredit union.

So which way a board goes all depends on where the CU wants togo. The problem is if the board doesn't know where it needs to go,then finding its next CEO can turn into a crapshoot. At that point,boards need to either hold some intense strategic planning sessionsor bring in a seasoned consultant to help shape the CU's vision anddetermine who is right to carry it out.

A well-rounded candidate who has dabbled in many operationalareas, but stands out in none, could also be right. This CEO couldbring on talented marketing mavens, financial wizards and businessservices gurus and let them work their magic. It's similar to theold line with boards–they need to set policy but not micromanagethe carrying out of that policy. Is the CEO of the future in thesame vein? Someone who can put all the pieces together, but let thetalent carry it out?

No matter which way a CU goes they must make certain they get a“leader” first and foremost. With all the challenges facing creditunions, someone who can lead is going to pay dividends whether theyare a marketing maven, financial wizard, or business servicesguru.